Horizon Bancorp (NASDAQ:HBNC) Reaches New 52-Week High After Dividend Announcement

Horizon Bancorp, Inc. (NASDAQ:HBNC)’s share price reached a new 52-week high during trading on Wednesday following a dividend announcement from the company. The stock traded as high as $16.64 and last traded at $16.31, with a volume of 93531 shares changing hands. The stock had previously closed at $16.05.

The newly announced dividend which will be paid on Friday, October 18th. Shareholders of record on Friday, October 4th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.88%. The ex-dividend date is Friday, October 4th. Horizon Bancorp’s dividend payout ratio (DPR) is 118.52%.

Analysts Set New Price Targets

HBNC has been the topic of several research analyst reports. Piper Sandler boosted their price objective on Horizon Bancorp from $13.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, July 29th. StockNews.com cut shares of Horizon Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, September 7th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Horizon Bancorp from $14.00 to $16.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th.

Horizon Bancorp Trading Down 0.4 %

The firm has a market capitalization of $727.91 million, a PE ratio of 30.69 and a beta of 1.04. The company’s 50-day moving average price is $15.25 and its 200-day moving average price is $13.21. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.88 and a current ratio of 0.88.

Horizon Bancorp (NASDAQ:HBNC) last released its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.01. The business had revenue of $97.47 million for the quarter, compared to the consensus estimate of $55.03 million. Horizon Bancorp had a return on equity of 8.17% and a net margin of 5.50%. During the same quarter in the prior year, the business posted $0.41 EPS. On average, sell-side analysts expect that Horizon Bancorp, Inc. will post 1.38 earnings per share for the current year.

Institutional Investors Weigh In On Horizon Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. CWM LLC lifted its stake in Horizon Bancorp by 1,656.2% in the second quarter. CWM LLC now owns 3,249 shares of the financial services provider’s stock valued at $40,000 after buying an additional 3,064 shares during the last quarter. Pathway Financial Advisers LLC acquired a new position in Horizon Bancorp in the 1st quarter valued at $80,000. Mackenzie Financial Corp purchased a new stake in shares of Horizon Bancorp in the second quarter valued at about $133,000. Elser Financial Planning Inc purchased a new position in Horizon Bancorp in the second quarter worth $137,000. Finally, EMC Capital Management increased its holdings in shares of Horizon Bancorp by 11.0% in the 1st quarter. EMC Capital Management now owns 10,773 shares of the financial services provider’s stock valued at $138,000 after purchasing an additional 1,064 shares in the last quarter. 64.51% of the stock is owned by hedge funds and other institutional investors.

Horizon Bancorp Company Profile

Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that engages in the provision of commercial and retail banking services. The company offers checking, saving, money market, certificate of deposits, individual retirement accounts, and time deposits, as well as non-interest- and interest-bearing demand deposits.